HDB is launching Punggol Residences under the Build-To-Order (BTO) system today. Punggol Residences is a Premium contract offering a total of 769 flats. The flat supply comprises 615 units of 4-room flats and 154 units of 5-room flats. Including this contract, HDB has offered about 6,500 new flats in Punggol since the unveiling of the Remaking Our Heartlands (ROH) plans for Punggol in Aug 2007. This is in line with HDB’s commitment to building up a critical mass in Punggol to attract and support new facilities.
Situated at the junction of Punggol Walk and Punggol Fields Road, Punggol Residences is located within the future Punggol Town Centre. It is a 5-minute walk from Punggol MRT/LRT and the bus interchange while the Tampines Expressway is a short drive away. Educational institutions such as Edgefield Primary School and Punggol Secondary School are also located nearby.
Punggol Residences is a Premium contract with enhanced architectural designs, improved facades and better landscaping. The flats come with full finishes such as timber strip flooring for the bedrooms, ceramic floor tiles for the living and dining area, matching wall/floor tiles in the kitchen and bathrooms, as well as quality sanitary ware. Punggol Residences will cater to buyers with the budget and preference for flats of better design and finishings.
The prices of Punggol Residences range from $264,000 to $322,000 for the 4-room flats, and from $344,000 to $409,000 for the 5-room flats. These prices are below those of similar flats in the market and are affordable to first-time flat buyers. Based on the income levels of flat applicants in recent quarters, an applicant whose income is at the median level will only need to use about 26% of his monthly income to meet the monthly housing commitments. This is well below the 30% international benchmark for affordable housing.
On top of a generous market subsidy on the selling price, eligible first-timers whose average monthly household income is $5,000 or less can also apply for an Additional CPF Housing Grant (AHG) of up to $40,000. The AHG can be used to offset the initial downpayment.